Joe Elkjer
Precious Metals Advisor
Joe Elkjer, a Precious Metals Advisor at Scottsdale Bullion & Coin since 2019, specializes in helping clients protect their assets through tangible investments. With a strong background in business and finance, he emphasizes stellar customer service and stays dedicated to informing clients about market impacts through frequent appearances on The Gold Spot.
Tim Murphy
Precious Metals Advisor
Tim Murphy is a Precious Metals Advisor with over 15 years of experience. He started on the New York Commodity Exchange floor before founding his own brokerage firm. Tim joined Scottsdale Bullion & Coin to leverage the small-company feel with national exposure, focusing on personalized, client-first service and fostering long-term relationships.
“This is the time to take a look at the situation and protect your wealth. You have to be prepared.”– Tim Murphy, Precious Metals Advisor
The Federal Reserve’s gross negligence, misguided policies, and outright falsehoods have left the economy in shambles, and the American people are stuck picking up the pieces once again. The situation is only expected to get worse, so it’s imperative that investors make sure their wealth is in the right position to ride out this economic catastrophe.
Watch this week’s The Gold Spot to hear Scottsdale Bullion & Coin Precious Metals Advisors Joe Elkjer & Tim Murphy explain the extent of the market fallout, where things are likely headed, and how people can best protect themselves moving forward.
The Government Can’t Save You
In the midst of widespread uncertainty, investors should know one thing for sure: the government can’t save you from the problems it creates. Immediately following the SVB collapse, the Biden admin said it would cover all banks only to walk back that empty promise days later.
In reality, the Federal Deposit Insurance Corporation (FDIC) only has around $128 billion to shore up depositor holdings which only covers 1.27% of the trillions of dollars Americans have in U.S. banks. These staggering numbers reveal that FDIC insurance is more of a confidence boost than a viable backstop.
Not only does the government play favorites when choosing which banks to bail out, but they don’t even have enough funding to cover a nationwide bank run. It’s no wonder why investors are growing increasingly wary of holding their wealth in the banking system.
The Situation is Seriously Dire
The SVB fallout was the largest bank collapse since the banking blunder that sparked the 2008 recession. Despite Janet Yellen’s insistence that the banking system is stable, many experienced investors are having flashbacks to the 2008 financial collapse. Regardless of the similarities or differences, the current economic situation is severe, and it’s only going to get worse.
We’re facing the just desserts that have been whipped up by the Fed’s constant money printing. Over the past few years alone, trillions of dollars have been injected into the economy to fight Covid, prop up an economic shutdown, and pay off skyrocketing debt. The bill is finally coming due in the form of a global economic downturn the extent of which nobody can know for sure.
The Fed is Fighting Itself
Yesterday, the Fed announced a quarter percentage point rate hike in their seemingly endless fight against inflation. At the same time, our financial czars are pumping the economy full of billions of dollars to stave off the banking contagion which will inevitably worsen inflation rates.
Unsurprisingly, markets tanked on the back of the rate hike announcement as investors remain skeptical about the health of the economy. At the same time, gold prices jumped higher as money is shifted from fiat-backed investments to hard assets.
Don’t Wait to Buy Gold, Buy Gold and Wait
Right now, investors should be asking themselves how they’re planning to protect their wealth going into this waning economic situation. Currently, many investors are diving into hard assets such as gold and silver to hedge against economic pressures.
If you’re worried about sitting on excess cash (which you should be!), now is the time to implement a strategic investment plan. The Precious Metal Advisors at Scottsdale Bullion & Coin can help you protect your wealth from the incoming economic storm. Contact us today by calling toll-free at 1-888-812-9892 or by using our live chat function.
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